Payments startup Powa is no longer much of a startup — it’s got 450 employees, has received a valuation of $2.7 billion, and has deals in the works with 1,200 brands to incorporate its technology. The company is making a play for commerce in the U.S. with three tools: PowaWeb, a suite of e-commerce capabilities; PowaPOS in stores; and PowaTags for everywhere else. PowaTags are sales triggers for mobile devices, perhaps in the form of a humble QR code, or more exotically as snatches of songs or tunes.
One of the problems PowaTags take on is cart abandonment — 65% to 68% of carts are abandoned in m-commerce, because it’s so painful to enter credit card information. QR codes are widely used in Asia for tasks as mundane as grocery shopping, but have yet to catch on in commerce in the U.S. beyond LevelUp and a few other players. Powa, naturally, hopes to change that.
PowaTags are expanding to a number of venues, such as advertising jingles and, well, use your imagination. Pretty soon your kids will be buying action figures while they watch movies and charging your credit card by tapping their smartwatches. When the time comes, you can blame Powa.
Paul Rasori, executive vice president of product and marketing for PowaPOS, showed off PowaTags to Bank Innovation last week. Video is below.
Get more banking innovation insights at Bank Innovation Israel, Nov. 10-11. Click here for details.